Ron Baron

Ron Baron

Last Update: 02-14-2017

Number of Stocks: 322
Number of New Stocks: 35

Total Value: $17,759 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20164.0411.96-7.9
2015-2.711.38-4.1
201410.2613.69-3.4
3-Year Cumulative11.6 (3.7%/year)29 (8.9%/year)-17.4 (-5.2%/year)
201347.6332.3915.2
201216.4160.4
5-Year Cumulative91.8 (13.9%/year)98.2 (14.7%/year)-6.4 (-0.8%/year)
2011-5.742.11-7.8
201031.5215.0616.5
200928.226.461.7
2008-46.67-37-9.7
200711.345.495.9
10-Year Cumulative81 (6.1%/year)95.7 (6.9%/year)-14.7 (-0.8%/year)
200621.5515.795.8
200514.374.919.5
200442.3510.8831.5
200334.9528.686.3
2002-18.07-22.14.0
15-Year Cumulative296 (9.6%/year)164.2 (6.7%/year)131.8 (2.9%/year)
2001-15.71-11.89-3.8
20004.82-9.113.9
199918.4221.04-2.6
199811.6828.58-16.9
199749.8833.3616.5
20-Year Cumulative593.5 (10.2%/year)339.2 (7.7%/year)254.3 (2.5%/year)
199616.1322.96-6.8
199536.9437.58-0.6
19944.761.323.4
199328.7810.0818.7
199216.837.629.2
25-Year Cumulative1638.3 (12.1%/year)791.8 (9.1%/year)846.5 (3%/year)

Top Ranked Articles

Intel, Mobileye Join to Advance Autonomous Vehicle Technology Deal is valued at around $15 billion
In the latest move by a technology company to advance the development of self-driving cars, Intel Corp. (NASDAQ:INTC) announced on March 13 it has reached an agreement to buy Israel’s Mobileye NV (NYSE:MBLY) for approximately $15.3 billion. Read more...
Baron Funds Comments on Hyatt Hotels Corp Guru stock highlight
Shares of global hotelier Hyatt Hotels Corp. (NYSE:H) increased in the first quarter on revenue per available room (RevPAR) and margins that beat analyst predictions and 2016 RevPAR guidance of 3–5%. The company continues to generate strong free cash flow that it is using to buy back its stock and invest in its hotels. In our opinion, Hyatt still has one of the strongest balance sheets in the industry. We think it will continue to buy strategic assets as they become available. We also think Hyatt is well-positioned to weather a downturn. (David Baron) Read more...
Baron Funds Comments on The Middleby Corp Guru stock highlight
We are invested in two foodservice equipment companies that we believe are well positioned to profit from the world’s evolving eating habits. The Middleby Corp. (NASDAQ:MIDD) manufactures cooking and warming equipment for commercial restaurants and institutional kitchens, as well as food processing and residential kitchen equipment. Middleby’s top-tier brands enjoy leading market positions. The company uses technological innovations to design and manufacture differentiated equipment for which customers are willing to pay a premium. It has a history of acquiring leading brands and technologies, including Viking Range, AGA Rangemaster Group plc, and most recently, Lynx Grills, and using its business expertise to improve their financial performance. Since 2001, Middleby has been led by Selim Bassoul, a passionate manager with a highly regarded leadership style who is widely credited with turning the company around. Read more...
Baron Funds Comments on ASML Holding N.V. Guru stock highlight
ASML Holding N.V. (NASDAQ:ASML) is a unique, near-monopoly company in semiconductor manufacturing. ASML’s equipment, which prints the tiniest circuits for chips, is used by nearly every manufacturer. Over the next few years, ASML plans to roll out equipment that can print circuits smaller than any other company. We believe over time its equipment will become indispensable and earnings will grow rapidly. Shares were up in the first quarter after management stated on its earnings call that it expects equipment orders to accelerate in the second half of 2016. Read more...
Baron Partners Fund Commentary on Dick’s Sporting Goods Guru stock highlight
Dick’s Sporting Goods, Inc. (NYSE:DKS) is the country’s largest sporting goods retailer. After a major competitor revealed it was filing for bankruptcy and closing a third of its stores, shares of Dick’s increased on expectations that the competitor’s exit will result in increased sales at Dick’s. While the space is facing increased competition from e-commerce sellers, we think Dick’s is better positioned among traditional sporting goods retailers as an omni-channel retailer, and is improving the management of its online channel. (Michael Baron) Read more...
» More Ron Baron Articles

Commentaries and Stories

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Baron Opportunity Fund Comments on Mellanox Technologies Guru stock highlight
We sold about half of our Mellanox Technologies Ltd. (NASDAQ:MLNX) position after the company reported a weaker-than-expected fourth quarter and gave first quarter guidance that also missed expectations. In 20/20 hindsight our sale was hasty and in error. As we dug in, we came to the conclusion that the short-term pressure on sales was merely due to timing and certain product transitions. We did not wish to compound our error, and we added back to our position even as the shares recovered. We remain quite confident in the opportunity ahead of Mellanox and its ability to capture it. More...

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Baron Opportunity Fund Comments on Proofpoint Guru stock highlight
We recently established a position in Proofpoint, Inc. (NASDAQ:PFPT). We believe it is addressing a large market opportunity through its leading cloud-based cybersecurity and archiving platform, enabling companies to protect assets such as e-mail, cloud software applications and social media. We believe Proofpoint is positioned to gain market share as customers rethink their security architecture following deployments of new cloud applications, such as Office365, as well as the rising complexity of the IT environment and the evolving cyber-threat landscape. In addition, we believe the recently announced partnerships with vendors such as Palo Alto, Splunk and McAfee should provide the company additional opportunity for accelerated growth. Lastly, we expect the company to continue to use the data it collects to create improved threat protection products, and to leverage its strong brand and customer relationships to cross- and up-sell these enhanced solutions into its expanding customer base. More...

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Baron Opportunity Fund Comments on Varonis Systems Guru stock highlight
We initiated a position in Varonis Systems, Inc. (NASDAQ:VRNS) this quarter. Varonis helps organizations manage and protect their unstructured human-generated data (think office documents, PDFs, etc.) through a unique mouse trap – a proprietary software engine that captures, stores and analyzes the metadata of files in real time. We like to think that Varonis is doing inside the enterprise what Google is doing over the internet – if you have an easy way to index every file and track its use, you can provide high value-add services. One of these important services is insider threat protection. Varonis enables information technology managers to understand, in real time, where their data is, who has access to it and how it’s being used. This service has proven to be a highly effective tool in combatting the growing problem of ransomware. This has been one of the fundamental growth drivers for the company over the last year. Varonis has additional products and services, which we believe over time it will be able to sell into their existing and new customers. We believe Varonis plays in a large market More...

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Baron Opportunity Fund Comments on Wix.com Guru stock highlight
We initiated a position in Wix.com Ltd. (NASDAQ:WIX) during the quarter. Wix is the global leader in the do-it-yourself website building market, with 100 million registered users and 2.5 million premium subscribers. In addition to website building, Wix provides micro-businesses with tools to run their businesses, including marketing, scheduling and relationship management, among others, while charging them only about $13 a month on average. Wix’s growth is driven by extending its horizontal and vertical features as well as increasing the number of targeted verticals, such as hotels, restaurants, e-commerce and photographers. As highlighted above, Wix’s product innovation drives increasing conversion rates and enables Wix to increase its wallet share. The source of Wix’s competitive edge is its brand name and marketing reach along with its technological lead resulting in faster iteration with first-to-market features and vertical offerings. Wix’s subscription business model yields strong cohort economics, creating a predictable and a profitable business model (acquire a cohort once, get subscriptions forever). We believe Wix has major upside as it continues to innovate More...

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Baron Opportunity Fund Comments on SS&C Technologies Holdings Guru stock highlight
The Fund initiated a new position in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) during the quarter. SS&C is a leading provider of mission-critical software products and services that allow financial service companies to automate and outsource business processes. SS&C offers a vast portfolio of applications and services for portfolio management and accounting, financial modeling, trading, treasury management, and in particular, fund administration. The company’s products offer critical functionality to users, carry high ROIs relative to internally-developed software or paper-based processes, and are needed to meet regulatory requirements. We were able to acquire shares at attractive prices during the quarter due to market concerns about the health of the company’s hedge fund administration business. We believe that SS&C is poised to generate accelerating organic growth as it benefits from its enhanced scale and an improved competitive environment in the fund administration space, cross-sells products and services to its dramatically expanded customer base, and focuses on revenue growth from More...

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Baron Opportunity Fund Comments on Synchrony Financial Guru stock highlight
Synchrony Financial (NYSE:SYF), the largest issuer of private label credit cards in the U.S., reported better-than-expected financial results with 12% growth in receivables, 13% growth in net interest income and significant margin expansion. However, the stock underperformed due to increasing concerns over consumer credit and broader underperformance of bank stocks, reversing their significant outperformance in the aftermath of the election. We continue to own the stock because we believe credit losses will be manageable and that the company has a long runway for profitable growth. (Josh Saltman) More...

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Baron Opportunity Fund Comments on Proofpoint Guru stock highlight
Proofpoint, Inc. (NASDAQ:PFPT) offers cloud-based cybersecurity and archiving tools to help companies protect assets such as e-mail, cloud software applications and social media. Shares fell in the first quarter due primarily, in our view, to a Street analyst downgrade that raised concerns regarding potential increased competition from Microsoft Office 365’s built-in e-mail capabilities and risks of a deceleration of billing growth. We retain conviction in Proofpoint’s growth drivers, including the importance of e-mail in today’s workflow, the increasing need to protect against social engineering attacks, McAfee displacement, migration to Office 365 and growing channel partner programs. (Ishay Levin) More...

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Baron Opportunity Fund Comments on Zillow Group Guru stock highlight
Zillow Group, Inc. (NASDAQ:ZG) is the leading online real estate company in the U.S. Shares were down after the company gave a 2017 profit outlook that missed Street expectations, due to strategic investments and what we believe are conservative expectations for the revenue impact of several recently launched new products. We believe these products will meaningfully drive Zillow’s revenue capture of real estate advertising and will increase in their impact as we move through 2017. As the leader in a highly fragmented market, we think Zillow remains well positioned to continue to grow its market share. (Ashim Mehra) More...

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Baron Opportunity Fund Comments on Benefitfocus Guru stock highlight
Shares of benefits software vendor Benefitfocus, Inc. (NASDAQ:BNFT) were down in the quarter after the company reported 2017 guidance that was lower than analysts expected. We are aware of several short-term headwinds, including longer-than-expected implementation periods for large national accounts (resulting in delayed revenue recognition of these sizable deals), slower employer signings because of a sales restructuring (which created the national account team) and uncertainty in the market due to the political situation surrounding the Affordable Care Act. While we believe these headwinds will weigh on reported growth through mid-2017, we don’t believe they impact the significant long-term opportunity. (Neal Rosenberg) More...

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Baron Opportunity Fund Comments on Under Armour Guru stock highlight
Shares of athletic apparel company Under Armour, Inc. (NYSE:UA) declined in the first quarter after the company reported fourth quarter revenues and earnings and provided 2017 guidance that missed Street expectations. Increased promotional activity in the athletic apparel space, improved competitor positioning and the bankruptcy of Sports Authority is pressuring UA’s wholesale business. We exited our remaining UA shares during the quarter. (Michael Baron) More...

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Baron Opportunity Fund Comments on Guidewire Software Guru stock highlight
Shares of P&C insurance software vendor Guidewire Software, Inc. (NYSE:GWRE) were up in the first quarter. Guidewire is the leading P&C core systems vendor, as evidenced by near-perfect retention rates, growing installed base, and accelerating adoption. The company is early in its core system replacement cycle, and has tripled its addressable market through new products and cloud delivery. We believe that Accenture’s new relationship with Guidewire will help to enhance pricing and win rates and shorten sales cycles. (Neal Rosenberg) More...

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Baron Opportunity Fund Comments on Glaukos Corp Guru stock highlight
Shares of Glaukos Corporation (NYSE:GKOS), a pioneer of minimally-invasive products and procedures for the treatment of glaucoma, were up in the first quarter due to strong financial results that beat Street expectations, with revenues growing 64%. The company also raised 2017 guidance and announced favorable Medicare reimbursement. Glaukos’ products and procedures are currently approved for only a subset of the market. We believe the company will continue to deliver strong growth as its product coverage broadens. (Josh Riegelhaupt) More...

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Baron Opportunity Fund Comments on Mobileye N.V. Guru stock highlight
Shares of Mobileye N.V. (NYSE:MBLY), maker of vision-based advanced driver assistance systems, rose in the first quarter in response to Intel’s offer to acquire the company. We have long believed in the potential for Mobileye to become the “Intel Inside” of cars of the future. We think Mobileye’s entrepreneurial management team has clear goals that can benefit society, and we look forward to its product development around semi-autonomous and autonomous driving. (Gilad Shany) More...

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Baron Opportunity Fund Comments on Amazon.com Guru stock highlight
Shares of Amazon.com, Inc. (NASDAQ:AMZN), the world’s largest retailer and cloud services provider, rose during the first quarter after the company reported strong financial results. Amazon continues to benefit from its flywheel strategy, where more participation from Prime members drives greater loyalty and purchasing on Amazon.com. Indeed, according to recent surveys, Amazon captured 53% of U.S. e-commerce sales growth in 2016 (EMarketer, Inc.) and a full 55% of U.S. online shoppers begin their product discovery right on Amazon’s site (Activate Tech and Media Outlook). Moreover, Amazon is the world’s dominant provider of cloud computing services, with its Amazon Web Services (AWS) segment achieving an over $14 billion run rate and still growing almost 50%. We believe AWS will be a significant incremental contributor to Amazon’s overall value creation. Finally, the company also continues to invest in new and potentially large business opportunities, such as TV content, voice-controlled services (Echo and Alexa), digital advertising, e-finance, business supplies and apparel. (Ashim Mehra) More...

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Baron Opportunity Fund 1st Quarter Shareholder Letter Guru stock highlight
Shares of electric vehicle company Tesla, Inc. (NASDAQ:TSLA) rose during the first quarter on the back of several positive developments. In January, Tesla officially launched cell and battery production at the Gigafactory, one of the world’s largest manufacturing facilities, which will potentially drive significant electric battery cost reductions. On its fourth quarter earnings call, Tesla forecast 47,000 to 50,000 first half deliveries of its Model S and X vehicles, an increase of 65%. Moreover, Tesla announced that it remains on target for a 2017 launch of its mass market Model 3, potentially the largest product cycle in history, with initial production slated to begin this summer. In March, Tesla raised almost $1.4 billion of capital, strengthening its balance sheet to support investments ahead of the Model 3 launch. Additionally, the company’s SolarCity acquisition is on track, showing less cash drain than initially feared by investors. Finally, we believe a pro-U.S. jobs administration is a tailwind for Tesla as it is one of North America’s fastest growing employers. (Ishay Levin/Gilad Shany) More...

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Baron Opportunity Fund First Quarter 2017 Shareholder Letter Overview of quarter and stock holdings Ron Baron - Baron Opportunity Fund First Quarter 2017 Shareholder Letter
Dear Baron Opportunity Fund Shareholder: More...

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Virtu Financial to Buy KCG Holdings High-frequency trading companies combine in $1.4 billion deal Ron Baron,Chuck Royce,Keeley Asset Management Corp - Virtu Financial To Buy KCG Holdings
Virtu Financial Inc. (NASDAQ:VIRT) announced Thursday it has agreed to buy rival high-frequency trading company KCG Holdings Inc. (NYSE:KCG) for $1.4 billion in cash. More...

ACQUISITION, MERGER, VIRTU, KCG


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Baron Asset Fund Comments on SBA Communications Guru stock highlight
Another top ten holding, SBA Communications Corp. (SBAC), is the third largest independent owner of wireless towers in the U.S., with a growing presence in Canada, Central America, and Brazil. SBA owns and operates over 25,000 towers in total. Because of regulatory and zoning requirements, supply is restricted, creating an advantage for existing tower operators like SBA. At the same time, demand in increasing as consumers use increasing amounts of wireless data bandwidth, forcing carriers to augment their networks. To increase network density, carriers lease space for equipment on towers. We think SBA can generate additional revenue from new lease and amendment activity, leading to strong cash flow growth. Given its strong balance sheet, we believe SBA has many opportunities to grow internationally, particularly in Brazil, where SBA has acquired over 5,000 towers. More...

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Baron Asset Fund Comments on Vail Resorts Guru stock highlight
Ski resort owner and operator Vail Resorts, Inc. (MTN) is the Fund’s third largest holding, representing 5.2% of net assets. The stock has increased more than eight-fold since we first invested. Restrictions on and expenses associated with developing new ski resorts create high barriers to entry. Vail is focused on increasing season pass sales, which helps immunize it from poor snowfall seasons. It has embarked on an aggressive acquisition strategy to enhance the attractiveness of its multi-resort season passes. In the last several years, it has added Park City in Utah, Perisher in Australia, Whistler Blackcomb in Canada, and most recently, Stowe in Vermont. It has also been upgrading its properties to offer new and improved services and amenities. More...

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Baron Asset Fund Comments on Equinix Guru stock highlight
Equinix, Inc. (EQIX), which is classified under Real Estate as a specialized REIT, is the leading provider of internet business exchanges. Early in its lifecycle, Equinix leveraged its scale and “network neutral” policy, which allows its customers to connect with one another, to take on large telecom networks as customers. Once Equinix had solidified its leading market position, other telecom networks, major enterprises, web commerce companies, and cloud computing companies felt compelled to join the Equinix “ecosystem” in order to easily and efficiently access these networks. Its stock has appreciated more than five-fold since we first invested. We believe it will continue on its strong growth trajectory driven by key long-term trends, including growth in internet traffic (including video), globalization of financial markets, IT outsourcing, cloud computing, and mobility. Equinix has also been active on the acquisition front, including its largest European competitor. As these acquisitions become fully integrated, we believe they will create meaningful cost and revenue synergies, further enhancing More...

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